7 Mistakes Sellers Make
The market is on fire right now and Sellers are taking advantage of it from every price point. The average days on market right now in Orlando is around 60 (over the past year my average Listing is sold in 7 days…just saying) if your house is taking longer than that to sell than 60 days here are a few reasons why that might be the case.
1. Pricing Too High
Everyone wants to get top dollar for their home whether it is their primary residence or an investment property. When deciding to list a property it is important to be realistic in the price point and make sure it is within a small margin of error of the comparable sales in the neighborhood. If you do want to get a premium for the property make sure there are the upgrades & features that support such a price difference, initially overpricing a property will ensure it sits stagnant on the market and be ignored by savvy buyers who have done their research.
2. Just ‘Testing The Market’
In this hot market some Owners are tempted to test the waters when it comes to their homes value and dramatically overprice it. I have definitely seen circumstances where houses have received ridiculously high offers in comparison to the property’s true value, but keep this in mind…no matter what price you get, you are still at the mercy of an appraisal (if it is not a cash offer). If you are not in a rush to sell, do not put the property on the market and waste a real estate agents time and allow the property to lose massive marketability by scaring away potential buyers due to a massive price tag.
3. Getting Too Clingy
Home owners always think their house is the most valuable and expensive one ever made. This is unfortunately very common, and far from the truth. It is normal to be emotionally attached to your home, however be realistic when it comes to selling and just because your children learned how to walk there it does not necessarily add any true market value to the property. (If any appraiser says otherwise, please contact me now).
4. No Attention To Detail
If you are selling a house on the retail market be sure to do everything possible to make the house move-in ready. If you are selling a property that is missing pool screens, poor landscaping, old water heater, broken dishwasher, ripped window screens, etc, have them fixed! Nothing deters buyers more than when they walk into a home and see immediate issues and imagine how much it is going to cost to have them fixed. Unless the price reflects the condition of the property, people want to move into a house and focus on getting the furniture put together and filling the cabinets with dishes, not fixing things you ignored for the past few months.
5. Using An Odd Price
This is a personal gear grinder for me, when I see a house listed for $243,740, it makes me immediately skip over it. I guess it is ‘numbers OCD’ from my perspective but it is a proven fact that houses listed at odd-numbers get substantially less visibility from Buyers. If a Buyer has a search for $200,000 – $250,000 they will not see your house if it is listed for $199,900.
6. No Professional Marketing
9 out of 10 buyers search online for properties, professional photos and marketing will draw a significant great audience than poor cell phone photos. It is truly amazing to see real estate agents who have Exclusive Listing Agreements for homes and they do not even spend the $150 to have professional photos taken. There are multiple properties currently for sale in Orlando OVER $1,000,000 that have basic photos taken with a cell phone! So yes there are in-fact real estate agents who are potentially earning $30,000+ in commission selling a property and do not even spend the $150 for professional photos.
7. Not Keeping House Show Ready
This one is rather obvious, if your house is for sale, be sure it is ready to be shown at any given moment. You would be surprised how common it is to see dirty clothes thrown in a room, dishes in the sink, lawn not cut, family photos plastered over every end table, beds not made, etc. While your house does not need to be a model-home, it should certainly be clean & kept up well at all times while for sale!
Click below to see the original Infographic from Florida Realtors!